Guide on How Much OFW Members May Borrow Under the SSS Direct Housing Loan
SSS DIRECT HOUSING LOAN FACILITY – Here is a guide on how much you may borrow under this Social Security System loan offer.
The Social Security System, a giant social insurance institution in the Philippines, offers a lot of loans to its active members. Most of its members are private employees and self-employed individuals. There are also those who are volunteer members.
Among the loan offers of SSS are the housing loans. You may apply for an SSS Housing Loan for house repair to obtain some cash assistance for your home improvement.
Also, the social insurance institution got the SSS Direct Housing Loan Facility. It is offered to the overseas Filipino worker (OFW) members of the social insurance institution. It aims to assist OFW members to get low-cost housing.
The Social Security System has set a list of eligibility qualifications under the said loan offer. To be eligible, the borrower must:
- be a certified overseas Filipino worker
- be a voluntary member of SSS
- have posted at least 36 monthly contributions and 24 continuous contributions prior to the application period
- have not previously availed as SSS Housing Loan
- have not availed any final benefits from the social insurance institution
- be having updated SSS contributions; spouse must also be updated with the contribution
How much a member can borrow under the SSS Direct Housing Loan Facility for OFWs? According to SSS, the loanable amounts may vary depending on the housing loan type.
SSS Direct Housing Loan Facility for OFWs Loanable Amounts
- Socialized Housing Loan
- Maximum Loanable Amount – Php 450,000.00
- Low-Cost Housing Loan
- Over Php 450,000.00 up to Php 1,000,000.00
- Over Php 1,000,000.00 up to Php 1,500,000.00
- Over Php 1,500,000.00 up to Php 2,000,000.00
Do you want to apply for the said loan offer? You may check on the list of requirements on the official website of SSS – http://bit.do/fcrTz.
Thank you for visiting our website. We hope we have helped you with regards to this matter. You may keep coming back for more informative guides.
READ ALSO: SSS LOANS – 3 SSS Loan Offers For Members & How To Apply For Them